Tax Consequences of Cancellation of Debt, Foreclosures, Repossessions and Abandoments

Posted on May 31, 2010. Filed under: IRS Representation, Tax Tips | Tags: , , |

Just when you thought it couldn’t get any worse.  Now you find out there are tax consequences related to your foreclosure or pending foreclosure on the property or properties you own.

Not so fast! In many cases there are debt relief provisions that may possibly exclude you from taxes associated with giving up, abandoning or the foreclosure on property you own. More than ever, its important that you understand your rights and underlying tax laws that may relate real estate losses you may have. The tax laws are fairly complex and will usually require professional help from a licensed CPA or experienced tax preparer.

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